Key Takeaways
- • DPI Venture Capital, the venture platform of Development Partners International, announced the final close of its Nclude Fund at more than $112 million to invest in technology companies across Africa and the Middle East.
- • Nclude invests in fintech, fintech-enabled businesses and financial inclusion from seed through Series C, with individual checks of $500,000 to $10 million.
- • The fund has backed 15 companies, including Nawy ($52 million Series A), Paymob ($35 million pre-Series C led by Mubadala and EBRD), FlapKap ($34 million pre-Series A) and Money Fellows ($13 million).
- • Thirty percent of the investment mandate is reserved for opportunities outside Egypt, and the fund is widening its themes to affordable insurance, healthcare access, SME credit and retail savings.
Summary
DPI Venture Capital, the venture capital platform of Development Partners International (DPI), has announced the final close of its Nclude Fund at more than $112 million, according to the firm. The fund strengthens DPI Venture Capital's capacity to invest in technology companies across Africa and the Middle East.
Nclude was established in Egypt in 2022 as a fintech-focused venture fund. It came under DPI's investment advisory management in 2025 following a restructuring transaction that coincided with the launch of DPI Venture Capital. Since then, the platform has selectively added limited partners whose investment priorities align with the fund's strategy. The fund invests from seed stage through Series C, with individual investments ranging from $500,000 to $10 million. Egypt remains its core market, but 30% of the mandate is available for opportunities elsewhere in the region.
The portfolio includes 15 companies. Egyptian proptech company Nawy raised $52 million in a Series A round to expand across the Middle East and North Africa. Egyptian payments company Paymob, which operates in the UAE and the wider Gulf, raised $35 million in a pre-Series C round led by Mubadala and the European Bank for Reconstruction and Development. UAE-based fintech FlapKap raised $34 million in a pre-Series A round to support SME financing across the Gulf Cooperation Council. Money Fellows raised $13 million to support financial inclusion and expansion across North Africa, including Morocco. Other holdings include Kera, an AI company focused on healthcare access in Senegal and Côte d'Ivoire, and Accord Partners, an AI-driven venture consolidating accounting and auditing businesses with an initial focus on Saudi Arabia and the wider MENA region.
Ashley Lewis, Managing Partner and Head of DPI Venture Capital, said the fund's original thesis centered on financial inclusion across Africa and the Middle East. Since DPI took over as investment adviser, the portfolio has been realigned toward affordable insurance and healthcare access, credit for small and medium-sized enterprises, and helping individuals save and invest. Lewis said the fund is positioned to invest selectively in the current market and support founders as they grow local businesses into regional technology companies.
Mohamed Aladdin, General Partner at DPI Venture Capital, said portfolio companies are increasingly looking beyond domestic markets, citing growing commercial links between Africa and the Middle East. He pointed to Egyptian companies expanding into the Gulf, businesses entering North Africa, and companies from other regions establishing operations in Egypt, naming Nawy, Paymob, Money Fellows and FlapKap as examples.
Sofiane Lahmar, Chief Executive Officer of Development Partners International, said the dedicated DPI Venture Capital platform strengthens the firm's ability to invest in technology businesses at earlier stages, combining specialist venture expertise with DPI's wider investment experience and networks. The strategy aims to help technology companies scale across regional markets while delivering returns for investors and advancing financial inclusion.
Nclude was established in Egypt in 2022 as a fintech-focused venture fund. It came under DPI's investment advisory management in 2025 following a restructuring transaction that coincided with the launch of DPI Venture Capital. Since then, the platform has selectively added limited partners whose investment priorities align with the fund's strategy. The fund invests from seed stage through Series C, with individual investments ranging from $500,000 to $10 million. Egypt remains its core market, but 30% of the mandate is available for opportunities elsewhere in the region.
The portfolio includes 15 companies. Egyptian proptech company Nawy raised $52 million in a Series A round to expand across the Middle East and North Africa. Egyptian payments company Paymob, which operates in the UAE and the wider Gulf, raised $35 million in a pre-Series C round led by Mubadala and the European Bank for Reconstruction and Development. UAE-based fintech FlapKap raised $34 million in a pre-Series A round to support SME financing across the Gulf Cooperation Council. Money Fellows raised $13 million to support financial inclusion and expansion across North Africa, including Morocco. Other holdings include Kera, an AI company focused on healthcare access in Senegal and Côte d'Ivoire, and Accord Partners, an AI-driven venture consolidating accounting and auditing businesses with an initial focus on Saudi Arabia and the wider MENA region.
Ashley Lewis, Managing Partner and Head of DPI Venture Capital, said the fund's original thesis centered on financial inclusion across Africa and the Middle East. Since DPI took over as investment adviser, the portfolio has been realigned toward affordable insurance and healthcare access, credit for small and medium-sized enterprises, and helping individuals save and invest. Lewis said the fund is positioned to invest selectively in the current market and support founders as they grow local businesses into regional technology companies.
Mohamed Aladdin, General Partner at DPI Venture Capital, said portfolio companies are increasingly looking beyond domestic markets, citing growing commercial links between Africa and the Middle East. He pointed to Egyptian companies expanding into the Gulf, businesses entering North Africa, and companies from other regions establishing operations in Egypt, naming Nawy, Paymob, Money Fellows and FlapKap as examples.
Sofiane Lahmar, Chief Executive Officer of Development Partners International, said the dedicated DPI Venture Capital platform strengthens the firm's ability to invest in technology businesses at earlier stages, combining specialist venture expertise with DPI's wider investment experience and networks. The strategy aims to help technology companies scale across regional markets while delivering returns for investors and advancing financial inclusion.
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